U.S. factory activity edges up; momentum remains weak

U.S. manufacturing activity appeared to stabilize a bit in January, but a recovery is unlikely in the near term as factories grapple with a strong dollar and lower oil prices force energy firms to further cut spending. Other data on Monday showed consumer spending was flat in December as households reduced their purchases of automobiles and unseasonably mild weather hurt heating demand. The buoyant dollar has combined with tepid global demand to undermine U.S. exports.